Often when the topic of Business Coaching is raised, our minds naturally think of corporates who are able to afford professional and experienced Business Coaches. These Business Coaches will take their businesses to a greater level of sophistication and increased revenue. However, when we look at the South African economy, 1/5 of the countries total turnover is generated from small businesses. This can be seen in the diagram below:
Figure 1: Turnover of small businesses in the formal sector
This is quite a remarkable contribution to the economy and the growth in this sector over the past 6 years has been staggering:
Figure 2: Growth of the contribution of small businesses to the economy
One must remember that these figures refer to the formal economy and small businesses who are registered as such. Statistics SA shows that a further 2.8 million people are working in the informal sector.
What does this mean for Business Coaches?
The opportunities for a Business Coach are immense. The competent professional who wants to make a real difference has a plethora of avenues to pursue. Understanding that Business Coaching is not a pro bono profession, there are numerous opportunities, including becoming part of a formal business angel network, a share option scheme, or a business hub who maintains and enhances growth opportunities for businesses.
Small businesses either sustain themselves to reach a point of profitability or they grow into medium sized businesses. They identified or capitalised an idea in the market and made a success of it – enough to pay suppliers, salaries, overheads and maintain clients. This may be an obvious statement, yet for the business coach who enjoys challenges, it is not a small business, it is an opportunity to make a difference.
What all of this Means
Those who are drawn to the Business Coaching profession usually sense some form of calling based on their own competencies, professionalism, and other people’s reactions to them. Helping a big business become bigger can bring enormous satisfaction to a Business Coach, yet ensuring that a small business or even informal sector entrepreneur is able to feed their family, employ others, and hold their head up high, is a reward that no amount of money can provide.
Perhaps it is not these clients who a Business Coach originally envisaged helping, yet it may be the perfect market to nurture, grow, and feel like you add meaningful value.
If you are a Business Owner who runs a small business, looking for someone who will be real share their experiences, use their competencies and touch your life and that of your business, contact a professionally qualified Business Coach at SA Business Coaches.